Black Stone Minerals LP said June 4 it had entered agreements for the sale of Permian Basin assets with combined proceeds of $155 million earmarked to pay down debt and possibly boost distributions.

In a company release, Black Stone Minerals said it entered into two separate agreements to sell certain mineral and royalty properties from its Permian position for gross proceeds totaling approximately $155 million. The larger of the two agreements—worth about $100 million—involves Pegasus Resources LLC, a portfolio company of EnCap Investments LP.

Black Stone Minerals added that proceeds from the asset sales will be used to reduce the balance outstanding on the company’s revolving credit facility, therefore, accelerating the company’s debt reduction goals. As a result, the company said its management and the board of directors of Black Stone’s general partner intend to evaluate increasing distribution levels after closing the transactions, expected in July.

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